A Proud Legacy Safeguarding Workers
and Businesses
For over three decades, Builders has been a cornerstone of property and casualty insurance, safeguarding businesses and their workforces against the unique risks of their operations.
The Birth of Builders Insurance Group
In response to a void left by national carriers withdrawing workers' compensation coverage, Allen Richardson, along with six others, established a self-insurance fund endorsed by the Home Builders Association of Georgia. Starting with just 15 policies, this initiative marked the beginning of Builders Insurance Group.
Conversion to a Mutual Captive Company
By 1996, Builders Insurance Group had reached $50 million in premiums and converted to a mutual captive to protect agents from joint and several liability. This pivotal change laid the foundation for the company's future growth and stability.
First Member Dividend Paid
With nearly 7,700 policies in force, Builders Insurance Group paid its first member dividend, totaling close to $1 million. This achievement underscored the company's commitment to its members and its financial stability.
Expanding Through Acquisition
Builders Insurance Group acquired National Builders Insurance Company (NBIC) and American Builders Insurance Company (ABIC), broadening its market presence and reinforcing its core business.
Introducing Non-Construction Workers' Compensation
Expanding its offerings, Builders Insurance Group launched a workers' compensation product for non-construction businesses, attracting well-managed non-construction companies in low-hazard retail, wholesale, office professional services, and light manufacturing sectors.
General Liability Introduced at Builders
Builders responded again to the needs of partners and clients by introducing a general liability program for residential general contractors in Georgia.
Builders Offers Builder's Risk Insurance
Builders introduced a product for homes and light commercial structures during the course of construction, offering coverage to contractors and owners in the Georgia market that were not being satisfied at the time.
Commercial Package Property Insurance Arrives at Builders
Builders launched their commercial package policy, which would grow to be offered in all states.
Builders Launches an Umbrella Product
Builders Insurance Group began offering an umbrella product for their core constituents in Colorado, Georgia, and Texas, and later expanded into Florida, Indiana, Kentucky, Oklahoma, South Carolina, Tennessee, Utah, and Virginia.
Achieving an A Rating from AM Best
Builders Insurance Group was awarded an A rating by AM Best, a testament to its financial strength and discipline. This recognition enabled Builders Insurance Group to compete on an equal footing with leading carriers.
General Liability Losses Impairs Growth & Tests Financial Health
Accelerated growth in the general liability lines in Colorado, Florida, and South Carolina between 2013 and 2018 required nearly $100 million in reserve increases. Builders' strong balance sheet protected their policyholders and provided the resources that allowed Builders to focus back on workers' compensation while developing a profitable general liability solution for agents and policyholders in Colorado, Florida, and South Carolina.
Launching Specialty Builders Insurance Company (SBIC)
During the global pandemic, Builders introduced SBIC, offering market-driven speciality solutions in several key states, bringing flexibility and quality paper to meet client needs despite unprecedented challenges.
A New Brand Takes Flight
In mid-2019, the CMO imagined a modern brand that would carry Builders Insurance Group for years to come. The renovated brand was revealed in late 2021 and leadership positioned the company for growth through current and new partnerships and acquisitions, such as Bondex and BIIA. During such a time of flux, Builders began consolidating under a unifying aesthetic and brand to share their bold story with the public.
Key Acquisitions Add New Products & States
In September, Builders Insurance Group acquired BIIA and Bondex, adding commercial auto and surety to the product portfolio. These two new companies provided significant distribution opportunities and premium in Virginia, along with new products for current Builders customers throughout their territories.
Discover Builders’ Full Story
Explore how Builders has evolved over the years alongside our company’s rich legacy of strength and reliability.